Estate Planning

When we speak to pre-retirees and retirees, many of them are concerned about making sure their estate is passed on in the proper way. Helping to make certain your family receives what it’s supposed to, Keith Collins, Inc. offers estate-planning help. A good estate plan offers instructions for passing your values as well as your valuables. Estate planning is not just for seniors and the wealthy; everyone should have a plan for their estate for when they pass away.

While things like life insurance will issue death payouts to your beneficiaries, other assets will need to be addressed. Consider things like bank accounts, land, real estate, vehicles, valuables (like jewelry and art) and so forth. Outlining how your assets are transferred upon your death now can help prevent battles amongst your heirs and ensure your legacy is executed according to your wishes.

The current estate tax threshold means that most estates won’t be face an estate tax liability. However, tax consequences should still be considered and mitigated, be received assets may be subject to ordinary income tax. This can become more complicated when transferred assets are not financial, but physical, such as jewelry, art, real estate, and business property.

Fortunately, there are numerous strategies to help minimize tax-burdens and make wealth transfer more efficient. As with other areas of financial planning, every person will require a custom-tailored plan that address their specific goals and assets. Products and solutions like trusts, life insurance, and annuities are often employed to create tax-efficient estate plans.

When Should You Begin Estate Planning?

For those with legacy goals, now is the best time to begin planning your estate. Having an estate plan that works in concert with all phases of your financial life helps to provide sustainable income in retirement and beyond.